The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1887-03-23

yond the beginning Of the next session of
the Senate. III the Senate shall be con-
vened after March A, 1887. aud before Dec.
/. and the duties of the Commissioners
shall not then be completed, the President
shall then, by and with the advice and
consent Of the Senate, appoint three Com
missioners who shall perform and COM
plete the duties prescribed in this act.
1t is made the duty of the commission to
examine into the working and financial
management of the railroads that have re-
ceiyed aid from the Government in bonds,
TO ascertain whether they have observed all
the obligations imposed upon them; and
whether their books and accounts are or
have been kept so as TO show the net earn
ings of the aided roads, or whether there
has been q diversion of earnings of aided
roads to less productive branches, or
whether there has been a diversion of earn
ings of aided roads TO wrongful or i'm
proper purposes; whether there is d dis
elimination of rates in favor of unaided
against aided roads; whether any, and if
so how much, money is due and owing to
the United States on account of mistaken
or erroneous accounts, reports, or settle
ments made by said roads; and also to in
quire into and report as to the kind, char
acter. and amount of the assets of said
companies, and what assets are now sub
ject to the lien of the Government; and
also whether any dividends have been uA-
lawfully declared by the directors or paid
to the stockholders of said companies, and
II so, to what extent and whether the
amount thereof may not be recovered;
whether any new stock or bonds have been
issued without authority of law; what
amounts of money or credit have been or
are now loaned or borrowed by any of said
nnn ofia tn tom
what amounts of money or other valuable
consideration such as stocks, bonds,
passes, and SO forth, have been
expended or paid out by said
companies; and further, to inquire and re-
port whether said companies have paid
money or other valuable consideration or
done any other act or thing for the purpose
of influencing legislation; and TO intesti-
gate and report al the facts relating to an
alleged consolidation of the Union Pacific
Railroad Company, the Kansas Pacific
Railway Company. and the Denver Pacific
Railway IL Telegraph Company into an al
legged corporation known as the Union Pa
citc Railway Company. Tie Commission
ers are also authorized to consider and re-
port whether the interests of the United
States require any extension of the time
for performance of the obligations to
the United States OF said companies, or any
of them. One hundred thousand dollars is
appropriated for the purposes of the inves-
tgation. The President is authorized to
redeem prior liens if such course is Deem
ed advisable. 1t is further provided that
the sinking funds of the Pacific Railroad
Company may be invested in the first mort
gage bonds of the companies.
The inquiry as to whether there has been
q diversion of the earnings to the purchase
of non-productive branch lines is intended
especially to take in the Northern Pacific
Company, and is based on the statement
that several gentlemen who are inter vested
III the construction OF railroad in Mon
tana, which is expected to be oper-
ated as part of the Northern Pa
cifc system, have lately vi-ited New
York to urge the directors of the
Northern Pacific to consummate the prr-
chase of this road without submitting the
contract to a meeting of the stockholders.
If this transfer should be completed upon
the terms substantially agreed upon the
Montana syndicate will be able to proceed
with tie construction of several other
branch roads which il has in contemplation,
and which will be assumed by the Northern
Pa ,ihc upon terms not unfavorable to the
projectors. Tho commission will deter
mine whether the avails of the land grant
TO the Northern Pacific Company have been
misapplied by being charged with the pay
ment of bonds issued or guaranteed in ia
vor of branch lines purchased by syndi-
Gates, and whether persons connected with
the management of the Northern Pacific
company are interested in these syndicates.